Tag Archives: FHA

FHA lenders will be able to see the impact of their business at all ends of the credit spectrum with the new supplemental performance metric, the FHA says. This will fall in line with the FHA’s willingness to insure loans to eligible borrowers with lower credit scores.

Recent research by Washington, D.C.-based think tank American Action Forum (AAF) showed that as of the end of May, the share of FHA endorsements for both minority borrowers and first-time homebuyers was unchanged from a year earlier–33 percent for minority borrowers and 83 percent for first-time buyers.

During his first year as the nation's top housing official, Castro has made several policy changes with the intent of increasing opportunity for more Americans to obtain affordable, sustainable housing. Several of those changes are outlined in an announcement from HUD on Monday titled "Year of Progress: Delivering on the Promise of Opportunity."

The revisions announced Friday allow for the deferral of due and payable status for reverse mortgages, hence protection from foreclosure, for certain eligible non-borrowing spouses upon the passing of the last surviving borrower for case numbers assigned prior to August 4, 2014. Last year, FHA's HECM policies were revised to include such protections for non-borrowing spouses on HECMs for case numbers assigned on or after August 4, 2014.

The Federal Housing Administration (FHA) responded in the Federal Register on Wednesday to comments on the alternative path to claim payment (the Mortgagee Optional Election Assignment) for certain Home Equity Conversion Mortgages (HECMs), which centers on the delaying of foreclosure on a non-borrowing spouse following a borrowing spouse's death.

Grassley was referring to the March 26 appointment of Edward Golding as principal deputy assistant secretary for the Office of Housing to essentially fill the duties performed by the office FHA commissioner, and the February 27 appointment of Lourdes Castro Ramirez to the position of principal deputy assistant secretary for the Office of Public and Indian Housing (PIH) at HUD.

Less than a week after Quicken Loans sued the Department of Justice and HUD, accusing them of coercing the Detroit-based lender into making false statements, the DOJ filed a lawsuit against Quicken accusing the lender of improperly originating and underwriting FHA-insured mortgages, according to an announcement from the DOJ on Thursday afternoon.

The Detroit-based lender claims the government has enjoyed “extraordinary profitability for FHA's insurance program” through its efforts, saying the company’s participation in FHA's program will proved the government more than $5.7 billion in net profits “from the insurance premiums collected above and beyond claims made from over $40 billion in FHA home loan volume closed by Quicken Loans during the 2007 to 2013 timeframe.”

In a press statement, CFPB Director spoke out against such practices, saying, “Deceptive advertising has no place in the mortgage marketplace, and the Consumer Bureau will continue to take action against companies that mislead consumers with false claims of government affiliation."

Edward Golding, a senior adviser at the U.S. Department of Housing and Urban Development, has been named by the White House as new leader of the Federal Housing Administration, according to HUD. Sources at HUD told DS News on Thursday that Biniam Gebre will be stepping down from his role as acting commissioner of FHA and that Golding will be taking over the duties of that office. HUD confirmed that Golding's new title will be principal deputy assistant secretary and that he will assume that post on April 7.